A new Dubai villa was sold for AED 100 million, demonstrating the strength of Dubai's luxury real estate recovery, and reflecting investor confidence in the growth of the real estate sector in Dubai.< /p>
According to Arab Net, according to the statement issued by L'Xhabitat Sotheby's, the company has sold the luxury villa, located in Dubai Hills Estate, for +100 million dirhams, making it the third real estate transaction worth more than 100 million dirhams in Dubai during the current year.
The company added that the deal is also the fastest ever, as it took less than a month to complete, from the date of its listing to its completion, according to Al Bayan newspaper. .
Residential real estate deals in Dubai jumped to the highest level since 2013 in the six months to June as individuals sought to buy larger homes, driving up prices in the market. It has already been bogged down by oversupply for years.
Average house prices in Dubai rose by 2.8% in the first six months of this year, according to property consultant CBRE Group Inc.
CBRE said deal volumes jumped in the first half, increasing by 69.2% and 46.4% compared to the same period in 2020 and 2019, respectively.
The residential villa market in Dubai saw an increase in demand and led the rises in average prices. This luxury market has emerged in a city that has become a haven for wealthy Europeans fleeing lockdown.
